Tetangco appointed chairman of SM’s investment holding firm

MANILA, Philippines — Former Bangko Sentral ng Pilipinas (BSP) governor Amando Tetangco Jr. has been appointed chairman of SM Investments Corp (SMIC), the investment holding company of the Sy family.

Tetangco, 70, will succeed Jose Sio who has tendered his resignation. Sio has been designated chairman emeritus.

In a special board meeting held yesterday, SMIC elected Tetangco as independent director and chairman of the board. He is also vice chairman of property development unit SM Prime Holdings.

Prior to joining the private sector, Tetangco was a career central banker for over four decades.

He served as the governor of the BSP and chairman of the Monetary Board for two consecutive terms from July 2005 to July 2017.

As governor, he held other government positions such as chairman of the Anti-Money Laundering Council, the Financial Stability Coordination Council and the Philippine International Convention Center. Overseas, he served as alternate executive director of the International Monetary Fund in 1992 to 1994.

He also chaired various international groups such as the Bank for International Settlements Asian Consultative Council, Financial Stability Board Regional Consultative Group for Asia and the Alliance for Financial Inclusion Steering Committee. Prior to joining the Central Bank in 1974, he worked at the Management Services Division of SGV and Co. in 1973 to 1974.

Tetangco is currently an independent director of Belle Corp. Converge ICT Solutions Inc., Shell Pilipinas Corp., Toyota Motor Corp., CIBI Information Inc. and The Manila Hotel.

He is a trustee of the St. Luke’s Medical Center, Tan Yan Kee Foundation Inc. and Foundation for Liberty and Prosperity. He is also a member of the international advisory board of the Graduate Institute for Policy Studies in Tokyo, Japan and the Asia School of Business in Kuala Lumpur, Malaysia.

Recognized locally and internationally, Tetangco is the recipient of various awards, among which are the Order of Lakandula with the rank of Bayani conferred by the President of the Philippines in 2009 and the Order of the Rising Sun, Gold and Silver Star given by the Emperor of Japan in 2019.

SMIC is the listed conglomerate of the Sy family, with businesses in retail, banking and property.